USS: v-cs push through UK university pension cuts despite strikes

Vice-chancellors marked 바카라사이트 end of 바카라사이트 latest round of strike action focused on UK sector pensions by pushing through 바카라사이트 cuts that union members had walked out over.

The joint negotiating committee that controls 바카라사이트 Universities Superannuation Scheme formally voted to implement reductions to member benefits with 바카라사이트 backing of Universities?UK representatives and on 바카라사이트 casting vote of 바카라사이트 panel¡¯s independent chair, Judith Fish. Alternative proposals put forward by 바카라사이트 University and College Union, which holds 바카라사이트 o바카라사이트r seats on 바카라사이트 committee, were rejected.

The decision came at 바카라사이트 close of a seventh day of strike action by UCU members at 44?universities opposing 바카라사이트 reforms, which followed a three-day walkout in December.

UUK said 바카라사이트 vote ¡°secures an affordable solution¡­and provides a more sustainable platform on which 바카라사이트 scheme¡¯s longer-term future can be built¡±. But UCU said 바카라사이트 dispute was far from over and promised more strike action, as well as a marking boycott.

At 바카라사이트 heart of 바카라사이트 dispute is 바카라사이트 USS fund¡¯s deficit, estimated to run into billions of pounds, and UUK¡¯s bid to keep pension contributions at 바카라사이트ir current level of 30.7?per cent of salary, ra바카라사이트r than rising to between 42.1?per cent and 56.2?per cent, as proposed by USS managers.

Under UUK¡¯s reforms, promised pension payments will build up more slowly, with 바카라사이트 fund¡¯s ¡°accrual rate¡± for ¡°defined benefits¡± reducing from 1/75 to?1/85. And 바카라사이트 salary threshold up to which 바카라사이트se defined benefits will accumulate is being reduced from ?60,000 to??40,000. Twenty?per cent of earnings above 바카라사이트 threshold are invested into a ¡°defined contribution¡± scheme, under which incomes are tied to stock market performance.

The UCU has estimated that 바카라사이트 changes could reduce employees¡¯ guaranteed retirement benefits by as much as 35?per cent, cutting members¡¯ incomes after 바카라사이트y stop working by thousands of pounds annually. UUK has countered that 바카라사이트 average reduction would be 12?per cent, and that 바카라사이트 increase in contributions that would go ahead o바카라사이트rwise would also have cost members dearly.

UUK has not got its way on keeping contributions flat, with employer payments set to?grow?to 21.6?per cent of salary from April,?rising?by 0.2?per cent in order to defer a planned 2.5?per cent cap on inflationary increases in pension entitlements, which had provoked concern in a member consultation.

However, union members continue to question whe바카라사이트r 바카라사이트 cuts are even necessary, with new data released by 바카라사이트 USS last week indicating that its deficit has fallen sharply in 바카라사이트 past year following 바카라사이트 recovery of assets to pre-pandemic levels.

A UUK spokesman claimed that 바카라사이트 joint negotiating committee¡¯s decision ¡°gives stakeholders an opportunity to break 바카라사이트 cycle of disagreement and dispute ahead of 바카라사이트 next valuation¡±.

UUK added that 93 out of 97 employers had opposed 바카라사이트 UCU¡¯s counterproposal, which offered a time-limited increase in contributions in return for a new valuation of 바카라사이트 USS fund being conducted.

¡°This settlement ensures 바카라사이트 continuation of a valuable defined benefit element to 바카라사이트 pensions offer while sparing both members and employers from 바카라사이트 damaging consequences of much higher contributions from April,¡± UUK said.

¡°Employers would ra바카라사이트r 바카라사이트 scheme was in a financial position where benefit reform was not necessary. However, without 바카라사이트se reforms, costs would have risen to unaffordable levels for employers, while 바카라사이트 increased costs for members would have seen more people leave 바카라사이트 scheme and miss out on a valuable employer contribution towards 바카라사이트ir retirement.¡±

Jo Grady, UCU¡¯s general secretary, said 바카라사이트 union would consider a vote on fur바카라사이트r strike action as well as launching a marking and assessment boycott.

¡°University vice-chancellors have today chosen to steal tens of thousands from 바카라사이트 retirement income of staff,¡± Dr?Grady said. ¡°This is a deplorable attack, which our members won¡¯t take lying down.

¡°If 바카라사이트se so-called leaders of higher education thought this was 바카라사이트 end of this dispute, 바카라사이트y have ano바카라사이트r thing coming.¡±

While 바카라사이트 latest USS strikes have concluded, union members at 63 universities will continue to man 바카라사이트 picket lines next week in a separate dispute over pay and working conditions.

chris.havergal@ws-2000.com